Mumbai, July 11: The Enforcement Directorate (ED) has ramped up its investigation into Dharmesh Sanghani, an associate of actor Shekhar Suman, following searches at the premises of his company, Kalani Impex. This action was taken in connection with undisclosed foreign assets and suspicious cross-border transactions.
Sanghani is believed to have a stake in film production and is a close collaborator of Shekhar Suman. He has come under scrutiny for allegedly operating foreign bank accounts in Canada, the USA, and the UAE.
An official stated that the ED is also examining Sanghani’s ties to the Shekhar Suman Film Academy, where he is rumored to be a co-founder.
In an official statement, the ED revealed that the searches conducted on Thursday were part of an investigation under the Foreign Exchange Management Act, 1999 (FEMA) concerning Kalani Impex Private Limited and its active director, Sanghani.
During the searches, it was discovered that funds that were supposed to arrive in India had not done so for an extended period.
The agency noted, “Payments from foreign buyers related to exports were missing, and there was no request for an extension from authorized dealer banks. No documented efforts were made to recover the funds.”
The investigation has uncovered that amounts associated with exports were received from a third party, rather than the consignees or buyers listed on export invoices or shipping bills.
The ED further stated, “Evidence related to undisclosed foreign assets and foreign bank accounts was also found during the operation. For instance, a significant stake was identified in a Canadian company owned by Dharmesh Sanghani, which had not been disclosed.”
The agency added, “Information regarding the relevant foreign bank accounts and associated transactions was not provided to the appropriate authorities. Additionally, a business entity in the UAE has been identified without any prior disclosure.”
So far, the ED has identified undisclosed foreign bank accounts in Canada, the USA, and the UAE.
Customs officials in the USA and the UK are investigating some of Sanghani’s transactions. The ED is also looking into potential violations of FEMA concerning these transactions.
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